LAHORE, Oct 14: Wapda and Hubco signed an agreement on Sunday, withdrawing all civil and criminal cases and international arbitration proceedings against each other.

Wapda chairman Lt-Gen Zulfiqar Ali Khan and Hub Power Company chief executive Vince Harris signed the ‘Settlement Amendment Agreement’ to the ‘Power Purchase Agreement’ on behalf of their respective organizations.

“This amendment has been made in pursuance to the Settlement Agreement signed by the Pakistan government, Wapda and Hubco on Dec 17, 2000, to resolve the disputes between the two parties,” a Wapda announcement said.

Payments to Hubco would also be made as per the settlement agreement, it added.

It quoted the Wapda and Hubco heads as calling Oct 14 a special day for both the parties. “It is a manifestation of friendly mutual cooperation and conducive climate for foreign investment in Pakistan,” the announcement said.